Exhibit 10.43
AFTER RECORDING RETURN TO:
Regions Bank
Corporate Trust, 7th Floor
000 X. Xxxxxxx
Xxxxxx Xxxx, XX 00000
ASSIGNMENT OF MORTGAGE AND LOAN AGREEMENT
KNOW THAT, CITY OF SPRINGDALE, ARKANSAS, a political subdivision organized and
existing under the laws of the State of Arkansas, having an address 000 Xxxxxx
Xxxxxx, Xxxxxxxxxx, Xxxxxxxx 00000 ("Assignor"), in consideration of Ten Dollars
and other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, hereby assigns, as of this 1st day of October 2003, to
REGIONS BANK, as Trustee, having an address at Corporate Trust, 7th Floor, 000
X. Xxxxxxx, Xxxxxx Xxxx, XX 00000 ("Assignee"), that certain Mortgage and Loan
Agreement more fully described in Exhibit A annexed hereto and made a part
hereof (the "Agreement") and covering the property more particularly described
in Exhibit B annexed hereto and made a part hereof.
TOGETHER with the obligations described in said Agreement and the
moneys due and to grow due thereon with interest.
TO HAVE AND TO HOLD the same unto Assignee, and to the successors,
legal representatives and assigns of Assignee forever.
This assignment is made without representation, warranty, or recourse.
This assignment shall inure to the benefit of, and be binding upon,
Assignor and Assignee, and their respective successors and assigns.
EXECUTED as of the date first written above.
ASSIGNOR:
CITY OF SPRINGDALE, ARKANSAS
By: /s/ XXXXX XXX XXXXX
---------------------------------
Mayor
[SEAL]
Attest:
/s/ XXXXXX XXXXXX
------------------------
City Clerk
Exhibit A
MORTGAGE AND LOAN AGREEMENT, dated as of October 1, 2003, by ADVANCED
ENVIRONMENTAL RECYCLING TECHNOLOGIES, INC., a corporation duly organized and
existing under the laws of the State of Delaware, as grantor to the CITY OF
SPRINGDALE, ARKANSAS, which Mortgage and Loan Agreement was recorded on ______
_____, 2003 in the real estate records of Washington County, Arkansas, at
____________.
Exhibit B
LAND
The following described real property, located in the State of
Arkansas, Washington County, and more particularly described as follows:
A PART OF THE NORTHEAST QUARTER (NE1/4) OF THE NORTHEAST QUARTER (NE1/4) OF
SECTION THIRTY-SIX (36), TOWNSHIP EIGHTEEN (18) NORTH, RANGE THIRTY (30) WEST,
BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: BEGINNING AT THE SOUTHEAST CORNER
OF SAID 40 ACRE TRACT, SAID POINT BEING AN EXISTING IRON; THENCE S89 degrees
55'46"W ALONG THE SOUTH LINE OF SAID 40 ACRE TRACT 675.00 FEET TO A SET 1/2"
IRON REBAR IN THE CENTER OF AN EXISTING DITCH; THENCE N03 degrees 43'29"E ALONG
THE CENTER OF SAID DITCH 56.10 FEET TO A SET 1/2" IRON REBAR IN THE CENTER OF A
MAIN DRAINAGE CHANNEL; THENCE N85 degrees 34'20"W ALONG THE CENTER OF SAID MAIN
CHANNEL 307.68 FEET TO A SET 1/2" IRON REBAR, SAID POINT BEING ON THE EAST EDGE
OF THE EXISTING PAVEMENT OF JEFFERSON STREET; THENCE N00 degrees 00'00"E 395.36
FEET TO A SET 1/2" IRON REBAR; THENCE N89 degrees 55'46"E 978.12 FEET TO A
CHISELED "X" ON THE EAST LINE OF SAID 40 ACRE TRACT, SAID POINT BEING IN A
CONCRETE DRAINAGE SWALE; THENCE SOUTH 475.47 FEET TO THE POINT OF BEGINNING,
CONTAINING 10.20 ACRES, MORE OR LESS, SPRINGDALE, WASHINGTON COUNTY, ARKANSAS.
THE ABOVE DESCRIBED 10.20 ACRE TRACT BEING SUBJECT TO THE RIGHT-OF-WAY OF
JEFFERSON STREET ALONG THE ENTIRE WEST BOUNDARY AND ANY EASEMENTS OF RECORD.
AND
A PART OF THE SOUTHEAST QUARTER (SE1/4) OF THE NORTHEAST QUARTER (NE1/4) OF
SECTION THIRTY-SIX (36), TOWNSHIP EIGHTEEN (18) NORTH, RANGE THIRTY (30) WEST,
BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: BEGINNING AT THE NORTHEAST CORNER
OF SAID 40 ACRE TRACT, SAID POINT BEING AN EXISTING IRON; THENCE S00 degrees
15'57"W ALONG THE EAST LINE OF SAID 40 ACRE TRACT 1018.39 FEET TO AN EXISTING
IRON WHICH IS N00 degrees 12'50"E 300.19 FEET FROM THE XXXXXXXXX XXXXXX XX XXXX
00 XXXX XXXXX; THENCE S89 degrees 50'58"W 178.79 FEET TO A SET 1/2" IRON REBAR;
THENCE S00 degrees 15'14"W 42.77 FEET TO A SET 1/2" IRON REBAR; THENCE S89
degrees 58'58"W 85.00 FEET TO A SET 1/2" IRON REBAR; THENCE S00 degrees 15'14"W
257.00 FEET TO A POINT ON THE SOUTH LINE OF SAID 40 ACRE TRACT, SAID POINT BEING
IN THE RIGHT-OF-WAY OF HUNTSVILLE AVENUE AND FROM WHICH AN EXISTING AN EXISTING
REFERENCE IRON BEARS N00 degrees 15'14"E 21.92 FEET; THENCE S89 degrees 58'58"W
ALONG THE SOUTH LINE OF SAID 40 ACRE TRACT 434.00 FEET TO A POINT FROM WHICH AN
EXISTING REFERENCE IRON BEARS N00 degrees 15'15"E 22.40 FEET; THENCE LEAVING THE
SOUTH LINE OF SAID 40 ACRE TRACT N00 degrees 15'15"E 279.00 FEET TO A SET 1/2"
IRON REBAR; THENCE N89 degrees 58'58"E 23.00 FEET TO A SET 1/2" IRON REBAR;
THENCE N00 degrees 15'15"E 1038.95 FEET TO A SET 1/2" IRON REBAR ON THE NORTH
LINE OF SAID 40 ACRE TRACT; THENCE N89 degrees 55'46"E 675.00 FEET TO THE POINT
OF BEGINNING, CONTAINING 18.84 ACRES, MORE OR LESS, SPRINGDALE, WASHINGTON
COUNTY, ARKANSAS. THE ABOVE DESCRIBED 18.84 ACRE TRACT BEING SUBJECT TO THE
RIGHT-OF-WAY OF HUNTSVILLE AVENUE ALONG THE ENTIRE WEST BOUNDARY AND ANY
EASEMENTS OF RECORD.
